Insider Selling: AppLovin (NASDAQ:APP) CEO Sells 33,042 Shares of Stock

AppLovin Corporation (NASDAQ:APP) CEO Arash Adam Foroughi sold 33,042 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the sale, the chief executive officer directly owned 2,369,351 shares in the company, valued at $1,153,755,469.45. This represents a 1.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Arash Adam Foroughi also recently made the following trade(s):

• On Thursday, June 11th, Arash Adam Foroughi sold 8,624 shares of AppLovin stock. The shares were sold at an average price of $476.30, for a total value of $4,107,611.20.
• On Wednesday, June 10th, Arash Adam Foroughi sold 20,833 shares of AppLovin stock. The shares were sold at an average price of $503.91, for a total value of $10,497,957.03.
• On Friday, June 12th, Arash Adam Foroughi sold 19,123 shares of AppLovin stock. The shares were sold at an average price of $482.02, for a total value of $9,217,668.46.
• On Friday, June 12th, Arash Adam Foroughi sold 22,544 shares of AppLovin stock. The shares were sold at an average price of $494.98, for a total value of $11,158,829.12.

AppLovin Stock Up 3.8%

APP stock traded up $18.20 during mid-day trading on Friday, reaching $496.77. The company had a trading volume of 4,334,425 shares, compared to its average volume of 4,517,439. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The company has a market capitalization of $166.88 billion, a price-to-earnings ratio of 42.68, a price-to-earnings-growth ratio of 0.78 and a beta of 2.45. The firm has a fifty day simple moving average of $482.88 and a 200 day simple moving average of $520.84. AppLovin Corporation has a fifty-two week low of $320.00 and a fifty-two week high of $745.61.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the company earned $1.67 EPS. The business’s quarterly revenue was up 58.9% on a year-over-year basis. Analysts forecast that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on APP shares. Morgan Stanley reiterated an “overweight” rating on shares of AppLovin in a research note on Wednesday, May 27th. Scotiabank raised their price target on AppLovin from $750.00 to $775.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. UBS Group reduced their price target on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, May 28th. Finally, Benchmark reissued a “buy” rating on shares of AppLovin in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus price target of $669.62.

Trending Headlines about AppLovin

Here are the key news stories impacting AppLovin this week:

• Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
• Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
• Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

Hedge Funds Weigh In On AppLovin

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cassaday & Co Wealth Management LLC acquired a new position in shares of AppLovin in the first quarter worth $25,000. Board of the Pension Protection Fund purchased a new stake in shares of AppLovin in the fourth quarter valued at $27,000. Washington Trust Advisors Inc. grew its position in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 24 shares during the period. Mcguire Capital Advisors Inc. purchased a new stake in shares of AppLovin in the fourth quarter valued at $27,000. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of AppLovin in the fourth quarter valued at $32,000. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.